Is a 70% crash to 20k for Bitcoin going to print ??

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This is a 3 week chart. Each candle print takes 3 weeks. This is not a forecast for tomorrow or the day after. This is months in the making.

On this timeframe months pass until targets are realised. Regardless, there are some important signals now printing that require attention.

When:

1) Stochastic RSI was above 80 AND then crosses down 50 (red arrows)

AND

2) RSI 50 level confirms resistance once a breakout has printed (black circles) as it is now, you must watch for a confirmation of resistance.

A and B had confirmed resistance in 2018 and 2019. 80% and 70% corrections followed. Point C in early 2021 was a false breakout only confirming in late 2021. A 75% correction followed.

Look left. This chart is now either repeating years 2018 / 2019 or 2021.

There are some important takeaways from all of this.

1) Whether it is a repeat of 2018 or 2019 or 2021, the bull run is over inside the next 6 months. There are far too many calls for higher highs into 2025 and beyond. That is not going to happen.

2) This is not a forecast for something that is going to happen right away.

3) The market top is not in yet. True. Market tops arrive with Euphoria not fear.

4) When this RSI resistance confirms, there will be no long opportunities in the market until 2027 at the earliest.

Ww

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The continued selling pressure is relentless. Just as with the previous 3 occasions stochastic RSI crossed down the same level on the 3 week.

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This idea is incredibly hard to fault at the moment. The 3 week stochastic RSI continues to pick up downside momentum, just as it did before. This all happens in the face of a Hash Ribbon buy signal. The first false signal in 15 years?

As I look at this 10 day chart, what do we see with the 71k test? Three rejections with lower highs in RSI. In other words a triple top bearish divergence.
If this were a stock I held, I would have long exited.

What needs to happen to invalidate the bearish divergence? The same thing since early June, a close above 69.5k on the weekly, which has refused to print.

Weill keep an eye on it. Remember this is a 3 week chart idea, an explosive move up could still print and this main chart still remain bearish.

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The 3 week stochastic RSI confirms on Monday.
Hard to believe the market could drawdown so much.

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Is a 20% collapse to about to print as the US government prepares to dump on the market?

"This decision paves the way for the US government to move forward with selling the $4.4 billion worth of BTC. "

2 day bear flag

source:
tinyurl.com/y4cmkrrc

Now if price action drops down to this level and closes the monthly candle for October under 55k... it is quite likely a drop to 20k follows. Watch the monthly chart closely (below).

Remember. All of this was forecast on the 3 week chart back as shown back in August.
This 3 week Stochastic RSI crossdown has never had a false signal.

Don't you just love Crypto? What a total Ponzi.

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56k should offer strong support.
49k is the destination... and if the month of October closes under 52k
20k is the end station, predicted over two months ago.

Is that really going to happen? I don't know.

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IF and an big IF as always, IF the 2 day candle prints as is:

1) It is bearish engulfing.
2) It will confirm a break of support.

Ultimately no higher low has yet printed. Until that happens, the trend is sideways. Sellers need to be first exhausted before a trend reversal is fully confirmed.

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This bearish engulfing candle prints today on the 2 day if the Bitcoin bulls fail to step in.

64k to 57k will be the reloading zone.

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"Tesla Quietly Transfers $765 Million In Bitcoin, Putting Musk's Cryptocurrency Strategy Under Intense Scrutiny Amid Market Concerns"

Man of the people, giving back to the people?

consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_9457efc8-73bc-41ca-8aab-095f8972335b

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2 day bear flag confirms. Do you think price action will see the low 60's again? The chart indicates as such and retail traders have never been more bullish scrolling through the morning messages. They do make for a great barometer.

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Is the Tether stable coin about to collapse?

The bulls seem powerless against the 2-day bear flag as the US Federal investigators investigate Tether for violations of sanctions.

A collapse in the Tether stable coin would be enough to send Bitcoin price action to the basement.

“Federal Investigators Probe Cryptocurrency Firm Tether”

wsj.com/finance/currencies/federal-investigators-probe-cryptocurrency-firm-tether-a13804e5

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Just when you think price action is on the mend… the weekly chart prints a textbook Gravestone DOJI candle on market resistance.

This is a perfect technical double top in price action.

We can also see how price action is confirming a rising wedge breakout. This forecasts a drop in price action to around 52k.

If alts are bleeding 10% with a 2% correction in Bitcoin I’m sure you can imagine what a 30% correction will do.

Despite the mixed signals on 2 or 3 public ideas I’ve got going at the minute, I’m hugely bullish for the end of cycle top around 110k

Dips are buying opportunities.

Ww

PS: The 3 week stochastic cross down mentioned in the main chart continues to play out. Just saying.

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resistance approaching around 76.5k.... should be interesting